Bitcoin saw a gargantuan move on Friday and Saturday. Over a period of 18 odd, the leading cryptocurrency traded within a range of $ 3300 and posted a daily gain of 42% on the local top of $ 10,500.
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Despite this undeniably bullish move, which was actually the fourth largest in Bitcoin's entire history and the largest since 2011, there are a few signs that show bears still having a foothold .
An analyst named James recently broke down these signs in the tweet below. He noted that Bitcoin & # 39; s weekly reading of the Relative Strength Index failed to break through a key "line in the sand" that has marked the pinnacle of all notable bear market tournaments and the bottom of all notable beef market targeting over the past three odd years. .
Along with that, the BTC was rejected at 50% Fibonacci Retracement by the downtrend, and the cryptocurrency remains below the important 21
Really interesting chart.
Weekly RSI still fails to break "line of sand."
Price rejected in 50% retracement of our downstream.
Now hidden under the 21 week MA.
But … still holds over 200 daily MAs and 12 weekly EMAs. pic.twitter.com/IcymDD4o6T
– James (@coinzada) October 27, 2019
Bitcoin Bull Case is Building
While James points out a confluence of factors that support emotion that Bitcoin is not ready to rip higher is building a cowshed. And fast.
As reported by NewsBTC on Saturday, CryptoHamster recently observed that Bitcoin still looks bullish on higher time frames. They recently posted the chart below, showing that Bitcoin & # 39; s current week's Heikin-Ashi candles have two high wickets on each side and a lean green body. For those unfamiliar with technical analysis, this implies a "potential trend reversal."
That's not all. The same analyst later noted that the weekly Fisher Transform indicator, which highlights when prices have moved to the extreme to try to signal buying and selling opportunities, has recently posted a bullish crossover at the -2.5 level. CryptoHamster notes that "this signal is rarely false," and thus strongly implies a resumption of the Bitcoin price's long-term rise.
– CryptoHamster (@@ CryptoHamsterIO) October 27, 2019
And for putting a cherry on the cryptocurrency pie, trader CryptoBuzz pointed out that the fact that Bitcoin kept its 100 week moving average is a likely sign that recent moves are a "breakout that should kick off a long-standing beef market. "
Related Reading: Bitcoin & # 39; s Secular Bull Market May Have Ended, Long Term Bear Incoming?
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